Declan Fallon | TalkMarkets | Page 55
Market Commentary
Declan Fallon runs a market commentary blog at Markets.fallondpicks.com, and is a contributor to TalkMarkets and Seeking Alpha. He previously contributed to the Motley Fool. Declan Fallon is also a UI/UX Dashboard Designer for First ...more

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Volume Selling Pickup But Breakouts Hold
After a couple of weeks of light trading volume picked up as seller returned to markets. However, sellers were unable to reverse market breakouts.
Support For Russell 2000 Collapses
There was little of note today with the exception of the Russell 2000. The blog headline is a bit to click-bait, but in relative terms, the Russell 2000 suffered the largest loss.
Friday Kept Week's Performance Intact - Semiconductors Strong
Semiconductors spent a long time in the doldrums after the 2000 peak, but they are finding their groove now.
S&P Breakout On Higher Volume Accumulation
While I expected the Dow Jones to be the breakout flyer, instead it was the S&P which led the charge on higher volume accumulation.
Rally Keeps Going But New Highs Await
The S&P is only a short step away from confirming new highs, but today's action will have kept shorts wary with the risk of whipsaw high. A simple push above 2,406 could deliver an acceleration higher.
Market Rallies Slow Down
For the fourth day in a row, markets generated gains to leave markets on the verge of new highs - erasing the losses of last week. However, today's gains were small leaving markets vulnerable to attack from shorts.
Gains Push Into Breakdown Gap
While today's gains were modest they were significant in generating clean pushes inside last week's breakdown gaps. This brings indices back to challenge 'bull traps'
Relief Rally Approaches Resistance
Wednesday's gap created a significant reversal, stalling the mini-rallies kicked off in April. Thursday and Friday generated some come back against last week's loss, bringing many of the markets back to the highs of the gap down.
...And Then Things Went Pear Shaped
After days of steady gains, it was surprising to see the level of selling on the show today; the last day like today in the markets was last December.
Semiconductors Keep On Rolling
It was generally a quiet day for the indices but the Semiconductor Index added another 1.5% as money continued to flow into Semiconductors. Today's gain leaves the index up against resistance and ready to breakout.
Semiconductor Index Post Follow On Gains
Semiconductors experienced a strong day of gains - backed by strong technicals. This index is well on its way to shaping a new rally for 2017, following through from the rally kicked off on Trump's election.
Small Caps See More Aggressive Selling
Trump's Russian shenanigans didn't move the market as much as such actions in the past may have done but not all markets escaped such interest.
Underwhemling Response To French Election Results
It was probably too much to ask for an election result which is closer to maintaining the 'old' status quo than spark anything radical. However, it does offer continuity for markets which should prove favorable down the road.
Rallies Resume
After a relatively quiet week markets finished strong on Friday. This helped push markets out of their trading ranges for the last few days. Volume was subdued but this won't matter if there is some follow through on Monday.
Technicals Net Bullish Across Indices
All lead indices are net bullish in technical strength as markets consolidated last week's gains. The S&P has posted a series of doji/hammer after emerging from a bullish 'flag' / downward channel.
Semiconductors Tick Along
It was another quiet day for indices but the Semiconductor index was able to add over 1% on the day.
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